Stock Market Prediction Tomorrow, 23rd January 2025: The Indian stock market indices ended higher on Wednesday, after a rally in the late trading session. The key equity benchmarks, Sensex and Nifty gained on the back of strong quarterly earnings announced by the HDFC Bank. The 3rd quarterly results of the HUL and BPCL also beat market estimates.
The Nifty index closed above the 23,150 mark after hitting the day’s low of 22,981.30 in the afternoon session. Barring the IT index, all other sectoral indices ended in losses, with energy metal and PSU Banking stocks declining the most.
The Nifty IT index gained 2.14% to 42590.70 after US President Donald Trump said that he wants to make the US an AI powerhouse. The IT index declined 1.17% in the previous trading session.
The continuous selling pressure by foreign investors has hit the market sentiments. Concern over a potential slowdown in the Indian economy persists, adding uncertainty in the markets. Investors are now looking ahead to the upcoming Union Budget as the key trigger to an upmove in the market.
Sensex and Nifty Today
The BSE Sensex gained 566.63 points or 0.75% to 76,404.99, while the Nifty 50 index was up by 130.70 points or 0.57% to 23155.35. The IT major Infosys and TCS gained 3.16% and 2.97% respectively, while the HDFC Bank rallied 1.42% after the announcement of Q3 earnings.
The border markets underperformed the benchmarks, as the Nifty Midcap index declined 1.34% while the Nifty Smallcap was down 1.63%. The market breadth was weak, as 616 shares were advanced on the NSE, while 1797 shares declined. The NSE’s volatility index “India VIX” slipped 1.65% to 16.77.
Foreign Institutional Investors were the net sellers, they offloaded shares worth Rs 4026.25 Cr in the Indian stock market, while the Domestic Institutional Investors (DIIs) were the net buyers, and bought shares worth Rs 3640.22.
Global Stock Market News Today
China’s Shanghai index fell 0.90% on Wednesday after Trump said he was still considering a 10% tariff on all goods from the country. Hang Shang also declined 1.64% today while Nikkei, Kospi, and Jakarta Composite closed more than 1% higher. The pan-European stock index STOXX 600 gained 0.39% on Wednesday.
FTSE closed almost flat to the negative, while CAC and DAX ended higher. Healthcare and technology stocks were among the biggest gainers in Europe. The US stock market indexes, Dow, Jones, Nasdaq, and S&P 500 are trading comfortably above their previous close on Wednesday.
Market Prediction Tomorrow
Markets have given a sharp pullback from the lower levels with good momentum seen in the IT and banking stocks in the second half of the session. Nifty has now formed a first round of support around 22950 levels
On the index front, Nifty now has stiff resistance around 23350 23400 followed by 23430 while support is at 22970-23000 for tomorrow.
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